Tinubu: Reforms Boost Growth, But Jobs Lag Behind
By FIDELUS ZWANSON
PRESIDENT Bola Ahmed Tinubu has acknowledged that Nigeria’s economic growth under his administration has yet to fully translate into sufficient job creation. Speaking at the 31st Nigerian Economic Summit in Abuja — represented by Vice President Kashim Shettima — the President said his government is prioritising agriculture and solid minerals to drive employment and economic diversification.
Tinubu noted that partnerships with foreign nations are being pursued to modernise farming, expand extension services, and improve seed technology, calling agriculture “the bedrock of our economy.” He also highlighted progress in the solid minerals sector, which generated over $12.5 billion in 2024.
On oil production, Tinubu disclosed that Nigeria currently produces 1.8 million barrels per day and aims to reach 2 million by the end of 2025.
In a rare warning to labour unions, he cautioned against actions that could “hold the nation to ransom,” referring to the recent standoff between PENGASSAN and Dangote Refinery. “Nigeria is greater than any group or individual,” he said, urging patriotism and collaboration between labour and industry.
Reeling out his administration’s economic milestones, Tinubu said reforms have stabilised the macroeconomic environment, expanded the economy to $372.8 billion in 2024 from $309.5 billion the previous year, and improved Nigeria’s debt service-to-revenue ratio to below 50%. Non-oil revenue, he added, has grown by over 400%, while Fitch recently upgraded Nigeria’s sovereign rating to “B” with a stable outlook.
He reaffirmed his administration’s goal to “stabilise, industrialise, and humanise” the economy through improved infrastructure, technology, and governance.
At the summit, NESG Chairman Niyi Yusuf commended the government’s fiscal reforms but stressed that millions of Nigerians still bear the brunt of adjustment policies. He urged the Tinubu administration to move from “stabilisation” to “consolidation” and “acceleration,” creating inclusive, job-rich growth that translates macroeconomic progress into real human development.
